Democrat Terry McAuliffe will be the next governor of Virginia after a tight gubernatorial race.

NBC News, Fox News, CNN and the Associated Press called the race for McAuliffe less than three hours after the polls closed statewide.

McAuliffe trailed early before finally taking the lead when 91 percent of the vote was tallied. Republican Ken Cuccinelli lost by less than two percent, despite polls putting him at a substantial deficit heading into election day. Libertarian Robert Sarvis garnered seven percent of the vote, leading many pundits to believe his showing swayed the outcome of the election.

"Despite being outspent by an unprecedented $15 million, this race came down to the wire because of Obamacare," Cuccinelli told supporters during a concession speech around 10:30 p.m. to a crowd at the Downtown Marriott in Richmond.

"The truth is this election was never a choice between Democrats and Republicans, this was a choice to continue the mainstream, bi-partisan tradition that has served us so well in the past decade," McAuliffe said in his acceptance speech at Tysons Corner in front of an enthusiastic crowd.